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People face unexpected financial emergencies once in a while or at periodic intervals due to various reasons. You may be also one of those who have faced or is facing. So, what is a feasible solution to tackle such emergencies? Let’s take one solution which often works for people and may also do you good. It is direct lender installment loans. This is a type of loan which can help you to overcome your financial emergency quickly and easily. In other words, it is a hassle-free way of getting money. An installment loan is a short term loan in which you get the option to pay back in installments. Actually it is deducted from your paycheck in equal installments.

Loan Payback

As the installments are deducted in equal amounts throughout the repayment period, they won’t affect your budget. The reason for this is that the payments are predictable and there is a definite date for repayment. Your mind is therefore always at ease. Your monthly pay schedule is taken into consideration when the loan deal is worked out by the lender. In most cases, the repayment date is the day you get your paycheck. The amount is withdrawn through automatic withdrawal. Moreover, the lender will also send you a notification regarding your next due date.

Advantages

There are certain advantages with direct lender payday loans which makes them popular with people. The first is the ease of access. You are just required to log on to the website of the lender and post your application for the amount required. The said amount will be instantly credited to your account subject to fulfillment of basic conditions. The entire process involving application, verification and loan approval is done online. There is no paperwork and you do not have to visit the office of the lender physically. The repayment options are convenient and affordable and you can extend the same to suit your payment schedule. Moreover, if you make early pay-offs, no fee will be charged.

Eligibility

Now, let’s see the basic conditions that you have to fulfill to get this loan. Your age should be over 18 and you should have a checking account that is valid as well as active. The said account should be at least over three months old. Other than that, you need to provide a permanent residential address where you have been staying for at least a year and you must draw a salary of $1000 or more. If these requirements are found to be satisfactory, the loan amount will be credited to your checking account on the day of application itself or within a few hours after loan approval. You will get five to 15 days to return the loan amount. The only catch in this type of loan is the high interest rate along with other processing charges but this is probably one of the best options.

Conclusion:

Direct lender installment loans can be considered as based on equal exchange. Although as a borrower you may feel that at the end you have paid more than what you borrowed yet you gained in terms of time.